A recent international report conducted by Capterra consolidates findings from six consumer behaviour surveys across five countries (UK, France, Germany, Canada, Australia) between 2022 and 2023. The Consumer Behaviour Trends eBook indicates that economic and technological shifts are influencing consumer habits globally.
The average data suggest that 84% of respondents across all surveyed countries have modified their spending habits due to the recent economic crisis. However, in the UK, 88% of respondents admitted to changing their spending habits, leading to a growing interest in economic offerings. The eBook reveals that 79% of UK consumers are actively seeking price comparisons, loyalty deals, and discounts in response to the inflation-related cost of living issues.
Another significant trend identified is the increasing consumer desire for new shopping experiences. On average, 35% of consumers from all participating countries express interest in trying "checkoutless" shops. Additionally, 47% of respondents across the entire sample express interest in exploring the metaverse if it allows product examination in a 3D format.
While advancements in technology and the reimagining of shopping experiences are welcomed by consumers, the human element is equally essential to them. 56% of respondents across all countries felt that the lack of in-person staff could be the potential downside of these technologically-driven shops.
In addition to adapting to changes in shopping environments, firms need to focus on key aspects such as pricing transparency and robust data security. The study indicates that 84% of respondents across all countries desire increased transparency around brands' sustainability initiatives. Interestingly, the UK shows a somewhat lower level of distrust (37%) in sharing personal data with companies, in stark contrast to France, showing a higher distrust level (79%).
The Consumer Behaviour Trends eBook highlights the importance of dynamic customer relationships that prioritise transparency, adaptability, and strategic technology implementation, especially in a shifting economy. David Jani, Content Analyst for Capterra UK, comments, "This review of data across five nations helped reveal a clearer picture of where things stand in the consumer business market. The findings provide significant lessons for companies for the next year, suggesting that engendering consumer loyalty and trust has become vital, as has mitigating the reality of cost-stretched customers through initiatives such as affordable pricing or discounts."